Property

Foreign buyers taking over in Santa Catalina

Santa Catalina neighbourhood.

Majorca Daily Bulletin reporterPalma25/10/2018 14:09

According to the Palma XXI pressure group, 42% of properties that were sold in Santa Catalina between 2012 and 2016 were bought by foreigners. There were 707 sales, 296 to foreigners. Of ninety others, the nationalities were unknown. On the selling side, 77% were Spanish-owned.

Presenting a report into "gentrification" in Palma, the group's president, Jaume Garau, observed that residents of Santa Catalina have been moving out to other parts of the city, leaving it in the hands of foreigners.

Carlota Cabeza, one of the contributors to the report, noted that prices are between 200,000 and 400,000 euros and that long-term rentals can be between 1,200 and 2,000 euros a month. With apartments on Airbnb, there were prices of up to 700 euros a day.

Garau stated that the area has ceased to be primarily for residential use and has been turned into one for restaurants and nightlife. He warned that Santa Catalina could become like Gomila with a "monoculture" that leads to significant harm.